Nutshell: Shareholder Sues Bear Stearns; Picard to Sue Madoff Relatives


  • Madoff trustee Irving Picard told 60 Minutes he will sue Bernie Madoff’s brother, sons and niece this week for breach of fiduciary duty and negligence, insisting they should have known about the Ponzi scheme.  (NYT)
  • The Social Security Administration will have to repay $500 million to 80,000 recipients whose benefits were suspended after Administration wrongly deemed certain beneficiaries to be fugitives. (WSJ)
  • The owner of the largest block of Bear Stearns shares sued the investment firm, its former executives and accountants for allegedly fraudulently inducing him to keep shares when they knew they were significantly overvalued.  (The AmLaw Daily)


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